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Bitcoin (BTC) News Today: ETF Market Inflows Signal BTC Strength Amidst Halving Hype

By:
Bob Mason
Updated: Apr 11, 2024, 03:10 GMT+00:00

Key Points:

  • Bitcoin (BTC) gained 1.58% on Wednesday, closing the session at $70,308.
  • The hotter-than-expected US CPI Report and BTC-spot ETF market flow data contributed to the gains.
  • On Thursday, BTC-spot ETF market flow data and the impact of US producer prices on Fed rate cut bets need investor consideration.
Bitcoin (BTC) News Today

In this article:

BTC-Spot Market Eyes Net Inflows After US CPI Report

On Wednesday (April 10), BTC gained 1.58%. Partially reversing a 2.94% slide from Tuesday, BTC ended the session at $70,308.

BTC-spot ETF market flow data for April 9 tested buyer demand for BTC before the US CPI Report. The BTC-spot ETF market saw net outflows for the second consecutive session. According to Farside Investors, there were total net outflows of $18.6 million on April 9.

  • iShares Bitcoin Trust (IBIT) saw net inflows of $128.7 million on April 9, rebounding from net inflows of $21.3 million on April 8.
  • Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows fall from $6.3 million to $3.0 million.
  • Bitwise Bitcoin ETF (BITB) saw net inflows slide from $40.3 million to $3.8 million.
  • Grayscale Bitcoin Trust (GBTC) saw net inflows fall from $303 million to $155 million.

The second day of net outflows came before the heavily anticipated US CPI Report. However, hotter-than-expected US inflation numbers impacted the US equity markets as 10-year US Treasury yields surged on falling bets on a June Fed rate cut. BTC rebounded from a pre-CPI Report low of $67,193, advancing to a session high of $70,901.

BTC-spot ETF market flow data for April 10 contributed to the Wednesday gains. According to Farside Investors,

  • GBTC saw total net outflows of $17.5 million, the lowest since the launch of the BTC-spot ETF market on January 11.
  • FBTC saw net inflows of $76.3 million.
  • BITB net inflows increased from $3.8 million to $24.3 million.

Excluding IBIT flow data, the BTC-spot market saw net inflows of $90.4 million. The flow data was significant considering the shift in sentiment toward Fed interest rate cuts.

Buyer demand for BTC remained robust as the Bitcoin halving event approached.

Bitcoin Halving Countdown Clock

The Bitcoin Halving Countdown Clock showed eight days and 16 hours remaining until the supply halves.

8 Days Remaining
Bitcoin Halving Countdown 110424

Market reaction to the US CPI Report contributed to gains for ETH. However, uncertainty lingers about the SEC approving ETH-spot ETFs.

ETH-Spot ETF Approval Chances Remain Slim

On Wednesday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared a pie chart comparing BTC and ETH futures, saying,

“Lot of ppl assuming Grayscale (or someone) will sue SEC after they reject the Ether spot ETFs. I would question this as Ether futures only ETFs have 4% of the assets that bitcoin futures have. That’s a lot of time and money for something that may only get a fraction of the aum.”

Crypto Futures Distrubution.
Crypto Futures 110424

Technical Analysis

Bitcoin Analysis

BTC remained comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the April 8 high of $72,578 would support a move to the March 14 ATH of $73,808. However, BTC must break down resistance at the April 10 high of $70,901.

On Thursday, US inflation numbers and BTC-spot ETF market flow data warrant investor attention.

Conversely, a BTC break below the $69,000 support level could bring the $64,000 support level into play.

With a 14-Daily RSI reading of 56.00, BTC could move to the all-time high of $73,808 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD Daily Chart 110424

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs. The EMAs affirmed the bullish price trends.

An ETH breakout from the $3,600 handle would give the bulls a run at the April 8 high of $3,730. A rise above the April 8 high could support an ETH move to the $3,835 resistance level.

Investors should track ETH-spot ETF-related chatter.

Conversely, an ETH drop below the $3,480 support level could bring the 50-day EMA into play. A break below the 50-day EMA would give the bears a run at the $3,244 support level.

The 14-period Daily RSI reading of 53.34 suggests an ETH return to $4,000 before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD Daily Chart 110424

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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